News

Appointments

New shadow minister for financial services

Shadow assistant treasurer, Luke Howarth, Opposition, Appointment, Peter Dutton

The federal opposition has reshuffled its frontbench and assigned Luke Howarth to oversee the financial services sector.

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Legislation, SMSFA, Tax

Call renewed to fix Div 296 error

SMSF Association Death Division 296 tax Defined benefit interests SMSF

A request has been made to amend what appears to be a noticeable error in the bill tabled to parliament to enable the introduction of the Division 296 tax.

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Auditing, Legislation, SMSF

SMSF loans and debts not the same

SMSF Loan Debt Borrowing audit The Auditors Institute Chris Ketsakidis Ketsa Coleman

There is a difference between a loan and a debt within an SMSF and different rules apply to them, requiring good documentation at the time of audit.

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financial advice, Insurance, SMSF

New PI insurance offering launched

Professional Indemnity Insurance Adviser Ratings Numerisk Financial advisers

A ratings agency and an insurance and risk advisory firm have joined forces to introduce a new professional indemnity insurance product for financial advisers.

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ATO, Auditing, Compliance, SMSF

Confusion over access rules evident

SMSF Loans to members Auditor Contravention Reports ATO inancial assistance

The fact loans to members is the most common compliance breach appearing in auditor contravention reports shows trustees have a misunderstanding of the super rules.

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Compliance, Property, SMSF, Tax

Incorrect loan details a stamp duty trap

SMSF Loans Property Deposit Stamp duty

Electing to pay the deposit of an SMSF property loan using an individual’s name, rather than that of the fund, could attract a stamp duty liability when the asset is transferred.

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ASIC, Property, SMSF

SMSF firm received conflicted remuneration

SMSF Real estate conflicted remuneration RM Capital The SMSF Club ASIC Federal Court

A court has found a Queensland-based SMSF advice business received conflicted remuneration when advising clients to purchase property.

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Superannuation

Super objective supported by public

objective of superannuation support FSC

There is general public support for the proposed objective of superannuation, which is currently before parliament.

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Legislation, SMSFA, Tax

Senate Div 296 report pushed back

Division 296 tax Senate Economics Legislation Committee SMSF Association

A Senate committee report examining the proposed Division 296 tax will now come out in May after being pushed back by three weeks.

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Compliance, Investments, SMSF

Verify asset location before filing SAR

Overseas assets Australian assets Investments SMSF annual return SAR

Understanding the location of an asset that is held by an SMSF is crucial for meeting the fund’s annual reporting requirements.

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